Bangkok, Thailand - Glomac has taken the first step towards exploring business opportunities in Thailand. Through our subsidiary, Glomac Thailand Sdn Bhd, we have recently signed a joint venture agreement with Warehouse Asia Alliance Company Limited (WAA) of Thailand.

WAA specializes in the warehousing and logistic services in and around the Bangkok Metropolitan area. The company is also in the midst of constructing a huge "build-to-suit" warehouse, which will be leased for a period of 15 years to a renowned international pharmaceutical company. Construction is already 50% underway and is due to be completed by mid 2007.

Glomac's investment in WAA has high capital appreciation and rental yield potential. A part of Glomac's plan to expand its business
overseas, this joint venture will allow Glomac to explore real estate
and property development opportunities in Thailand.